Skip to content
Operations

Transitional Gas

Moroccan offshore gas development project with the potential to positively impact a growing economy, heavily reliant on energy imports and coal.

75%

Equity position

637 BCF

ANCHOIS 2C RESOURCE

754 BCF

ANCHOIS 2U RESOURCE
circle

>4.5 TCF

EXPLORATION UPSIDE

Morocco

The Anchois Gas Development Project

The Lixus Offshore licence covers an area of approximately 1,794km², with water depths ranging from the coastline to 850m. The area has extensive data coverage with legacy 3D seismic data covering approximately 1,425km² and 5 exploration wells, including the Anchois-1 and Anchois-2 discovery wells.

The Anchois gas discovery represents a high value gas appraisal and development project.

  • Anchois-1 gas discovery – previously audited total remaining recoverable resource in excess of 1 Tcf, comprising 361 Bcf 2C contingent resources and 690 2U prospective resources.
  • The appraisal and exploration well, Anchois-2, drilled safely, on time, and on budget, discovered excellent quality, dry gas across seven reservoirs with approx. 150m net pay.
  • Updated Independent Assessments made in 2022 provide material increase in resources for the Anchois Gas Field, which now stand at 637 Bcf 2C contingent resources and 754 Bcf 2U prospective resources.
  • High quality reservoir properties that mean producer wells can produce gas at high rates, reducing the associated drilling and completion costs and subsea complexity.
  • Excellent gas quality, without impurities such as carbon dioxide or hydrogen sulphide, means that standard materials and technology can be used for the flowline and processing facility
  • World-class commercial contract terms with high gas prices in a developing market with growing energy demand offers a potentially high-value project
  • Project financing for the development of the project to be led by notable investment bank Societe Generale
  • Reservoirs are directly imaged on seismic data, with distinctive seismic signatures, showing bright, high amplitudes and far-offset (AVO) seismic anomalies, increasing the confidence in the lateral extent of the sands away from the discovery well location and other systems on-block
    • Material low risk exploration satellites with significant tie-back potential
    • Additional on-block exploration upside of >4.5 Tcf
Click image to enlarge

Lixus Portfolio

In addition to the Anchois Discovery, the Lixus portfolio is estimated to contain around 3 Tcf of audited gross contingent and prospective gas resources. Further upside has been identified since the most recent audit, estimated to contribute an additional >1.5 Tcf to the portfolio.

Prospectivity

Contract area

Lixus

Licence interest

Chariot 75% (operator)

ONHYM 25% (carried interest)

Period commitments

All commitments completed

Seismic database

950km 2D 1425km2 3D

Priority prospects

2C Resource of 637 Bcf

2U Prospective Resource of 754 Bcf

Approximate licence area

1,794km2

Primary energy demand in Morocco has doubled since the year 2000 and is forecast to double again from 2015 to 2030. In terms of power generation, imported fossil fuels dominate, with Morocco relying on imports for over 90% of its primary energy needs. The Moroccan government has been working on policies designed to improve security of supply, to provide industries access to cleaner energy at a low cost, and to minimise the environmental impact of its energy mix. As part of this process, gas has been a major factor in its vision, including the construction of further power infrastructure.

Lixus

  • Cleaner gas development supporting national energy transition goals from carbon intensive imported coal base (currently 67% imported)
  • Producing domestic gas lowers import bills and promoting energy self-sufficiency
  • Construction of further infrastructure to allow additional domestic supply generates local job creation and acts a catalyst for economic growth
circle

Corporate presentation

VIEW OUR corporate presentation

Strong Moroccan Gas Market

  • Memorandum of Understanding signed with the Moroccan government, aimed at developing the local gas market
  • Collaboration agreement signed with the world’s leading developers of offshore gas; Subsea 7 and Schlumberger
  • Highly scalable project with material upside beyond the Anchois Development.
    • Audited best estimate total remaining recoverable resources of around 3 Tcf in the Lixus licence and additional upside in Rissana, providing potential to deliver material gas resources for long-term growth.

Additional Moroccan Acreage

Rissana Offshore

Overview

The Rissana Offshore licence, covering an area of 8,489km², surrounds the offshore boundaries of Chariot’s existing Lixus Offshore Licence, as well as covering the most prospective northern areas of the previously held Mohammedia Offshore and Kenitra Offshore licences.

  • Chariot operates the block with 75% interest.
  • Material potential running room in various plays including:
    • The Mio-Pliocene gas play surrounding the Lixus licence, on-trend with the Anchois Gas Discovery
    • The Mesozoic play including 3D prospects inherited from the legacy portfolio
    • New exploration targets in plays revealed on reprocessed 2D and 3D data
  • Initial minimum licence commitment is the acquisition of a 2D seismic survey, over a portion of the acreage, which will help to evaluate the extension and potential of these plays across Rissana.
Select map to enlarge

Sign up for email alerts

Register for alerts

Investor centre

VIEW our Investor centre

Video & audiocasts

VIEW OUR Video & audiocasts